What aspect is NOT included in a physical property review as part of an asset management plan?

In the context of a physical property review, operating history is not directly included. This review typically focuses on assessing the tangible aspects of the property, including its condition and aesthetic appeal, which can influence its marketability and operational effectiveness.

Curb appeal relates to the visual attractiveness of the property from the street, playing a crucial role in how potential tenants or buyers perceive the asset. Property operations pertain to the day-to-day management practices that ensure the facility runs efficiently. Tenant feedback provides insights into the experiences and satisfaction of current occupants, which can inform decisions about property improvements and management strategies.

While understanding operating history is important for overall asset management, it pertains more to the property's performance over time rather than its physical attributes at a given moment, which is the primary focus of a physical property review.